Oil prices increased by about 1% on Monday as traders assessed the potential impact on oil production following the US capture of Venezuelan president Nicolas Maduro. Brent crude oil futures were up 55c, or 0.9%, at $61.30 a barrel (€52.46) as US. Shares in US oil companies jumped on Monday on the prospect of being granted access to Venezuela’s oil reserves. Trump has said the embargo on all Venezuelan oil exports would stay fully in effect for now. Shares of oilfield services firms, whose technology would be crucial to boosting Venezuela's crude production, also climbed.

Source: Irish Examiner January 05, 2026 15:58 UTC